MARIMED INC
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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FY2023 · Filed Mar 7, 2024
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Consolidated Statements of Operations
(in thousands, except per share amounts)
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Revenue | $148,598 | $134,010 |
| Cost of revenue | 82,679 | 70,053 |
| Gross profit | 65,919 | 63,957 |
| Operating expenses: | ||
| Personnel | 22,612 | 14,404 |
| Marketing and promotion | 5,977 | 3,736 |
| General and administrative | 22,132 | 20,735 |
| Acquisition-related and other | 695 | 961 |
| Bad debt | 118 | 3,752 |
| Total operating expenses | 51,534 | 43,588 |
| Income from operations | 14,385 | 20,369 |
| Interest and other (expense) income: | ||
| Interest expense | (9,185) | (1,693) |
| Interest income | 270 | 959 |
| Loss on extinguishment of debt | (10,431) | — |
| Other expense, net | (1,635) | (127) |
| Total interest and other expense, net | (20,981) | (861) |
| (Loss) income before income taxes | (6,596) | 19,508 |
| Provision for income taxes | 9,411 | 5,894 |
| Net (loss) income | (16,007) | 13,614 |
| Less: Net income attributable to noncontrolling interests | 24 | 146 |
| Net (loss) income attributable to common stockholders | $(16,031) | $13,468 |
| Net (loss) income per share attributable to common stockholders: | ||
| Basic | $(0.04) | $0.04 |
| Diluted | $(0.04) | $0.04 |
| Weighted average common shares outstanding: | ||
| Basic | 363,403 | 337,697 |
| Diluted | 363,403 | 380,289 |
See accompanying notes to consolidated financial statements.
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